Binance CEO Richard Teng has said the crypto exchange is not yet considering re-entering the U.S. market.

Binance CEO Richard Teng has said the crypto exchange is not yet considering re-entering the U.S. market.

During a December 9 interview with Bloomberg TV, Teng clarified that the crypto exchange is currently prioritizing its “global deployment” strategy and is not considering a return to the U.S. market despite the emergence of a crypto-friendly administration under President-elect Donald Trump.

“Whether we will re-enter the U.S. market is a premature discussion. Currently, we are focusing on our global deployment, growing quickly, and are very pleased with the progress we’re making,”

the CEO stated in response to a question.

Teng welcomed the Trump administration’s pro-crypto stance, calling it a positive signal for global adoption. He highlighted 2024 as a “landmark year” for crypto, citing milestones like Bitcoin surpassing $100,000 and the approval of several Bitcoin, Ethereum, and Solana ETFs.

Teng also commended the U.S. for appointing an AI and Crypto Czar, emphasizing the importance of fostering innovation in these fields. He predicted that sovereign wealth funds, institutions, and high-net-worth individuals would follow the U.S. lead by allocating funds to crypto. He referenced recent announcements such as Brazil’s Bitcoin reserve bill and the U.S. plan for a strategic Bitcoin reserve as key drivers for institutional adoption.

Binance withdrew from the U.S. market in November 2023 after reaching a $4.3 billion settlement with the U.S. government for violations related to money laundering and unlicensed operations. Since then, the exchange has doubled down on compliance efforts.

In September, Teng revealed Binance’s plan to expand its compliance team by 40%, from 500 to 700 members, by year-end. He noted a sharp increase in law enforcement requests, totalling 63,000 this year. At the time, the CEO stated that the exchange was pleased with its progress and would keep working to maintain it.

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.